全球大流行的全球模型：新冠肺炎对欧元区小型经济体的影响

IF 1.3 3区经济学 Q3 ECONOMICS

Journal of Macroeconomics Pub Date : 2023-09-01 DOI:10.1016/j.jmacro.2023.103551

Pablo Garcia , Pascal Jacquinot , Črt Lenarčič , Matija Lozej , Kostas Mavromatis

{"title":"全球大流行的全球模型：新冠肺炎对欧元区小型经济体的影响","authors":"Pablo Garcia , Pascal Jacquinot , Črt Lenarčič , Matija Lozej , Kostas Mavromatis","doi":"10.1016/j.jmacro.2023.103551","DOIUrl":null,"url":null,"abstract":"<div><p>We analyse the COVID-19 pandemic shock on small open economies<span> (SOEs) in the euro area in a unified modelling framework: the Euro Area and the Global Economy model. We find strong negative international spillovers<span> affecting each of the modelled SOEs, stemming not only from the rest of the euro area, but also from the United States and the rest of the world. A lower bound on nominal interest rates in the euro area amplifies these spillovers, especially within the euro area. Furthermore, we find some positive spillovers from the fiscal measures implemented in the Euro area to combat the pandemic, including the new Next Generation EU instrument.</span></span></p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":1.3000,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Global models for a global pandemic: The impact of COVID-19 on small euro area economies\",\"authors\":\"Pablo Garcia , Pascal Jacquinot , Črt Lenarčič , Matija Lozej , Kostas Mavromatis\",\"doi\":\"10.1016/j.jmacro.2023.103551\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>We analyse the COVID-19 pandemic shock on small open economies<span> (SOEs) in the euro area in a unified modelling framework: the Euro Area and the Global Economy model. We find strong negative international spillovers<span> affecting each of the modelled SOEs, stemming not only from the rest of the euro area, but also from the United States and the rest of the world. A lower bound on nominal interest rates in the euro area amplifies these spillovers, especially within the euro area. Furthermore, we find some positive spillovers from the fiscal measures implemented in the Euro area to combat the pandemic, including the new Next Generation EU instrument.</span></span></p></div>\",\"PeriodicalId\":47863,\"journal\":{\"name\":\"Journal of Macroeconomics\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.3000,\"publicationDate\":\"2023-09-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Macroeconomics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0164070423000514\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Macroeconomics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0164070423000514","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

我们在一个统一的模型框架中分析了新冠肺炎疫情对欧元区小型开放经济体（SOE）的冲击：欧元区和全球经济模型。我们发现，强烈的负面国际溢出效应影响着每一个建模的国有企业，不仅来自欧元区其他地区，也来自美国和世界其他地区。欧元区名义利率的下限放大了这些溢出效应，尤其是在欧元区内。此外，我们发现，欧元区为抗击疫情而实施的财政措施，包括新的下一代欧盟文书，产生了一些积极的溢出效应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Global models for a global pandemic: The impact of COVID-19 on small euro area economies

We analyse the COVID-19 pandemic shock on small open economies (SOEs) in the euro area in a unified modelling framework: the Euro Area and the Global Economy model. We find strong negative international spillovers affecting each of the modelled SOEs, stemming not only from the rest of the euro area, but also from the United States and the rest of the world. A lower bound on nominal interest rates in the euro area amplifies these spillovers, especially within the euro area. Furthermore, we find some positive spillovers from the fiscal measures implemented in the Euro area to combat the pandemic, including the new Next Generation EU instrument.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Macroeconomics ECONOMICS-

CiteScore

2.50

自引率

7.10%

发文量

审稿时长

76 days

期刊介绍： Since its inception in 1979, the Journal of Macroeconomics has published theoretical and empirical articles that span the entire range of macroeconomics and monetary economics. More specifically, the editors encourage the submission of high quality papers that are concerned with the theoretical or empirical aspects of the following broadly defined topics: economic growth, economic fluctuations, the effects of monetary and fiscal policy, the political aspects of macroeconomics, exchange rate determination and other elements of open economy macroeconomics, the macroeconomics of income inequality, and macroeconomic forecasting.